New Option Plays, Monday, 12/01/2008

Monday night: No New Plays

by James Brown

Play Editor's Note: We were expecting a correction in the stock market. However, to be honest, I was not expecting such a violent move down and all in one day. Both the DJIA and the S&P 500 have completed a 50% retracement of last week's gains. If bulls are going to buy the dip they need to do it soon. Otherwise we might need to plan on new lows for the year. Wait for signs of a bounce before considering new positions and I would use tight stops on any new entries.